Federated Hermes Inc. Raises Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Federated Hermes Inc. lifted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 769.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 521,469 shares of the company’s stock after acquiring an additional 461,469 shares during the quarter. Federated Hermes Inc.’s holdings in Arcutis Biotherapeutics were worth $1,684,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Rubric Capital Management LP increased its position in Arcutis Biotherapeutics by 3.1% during the 3rd quarter. Rubric Capital Management LP now owns 5,034,530 shares of the company’s stock worth $26,733,000 after purchasing an additional 150,000 shares during the period. Tejara Capital Ltd grew its holdings in Arcutis Biotherapeutics by 88.3% during the third quarter. Tejara Capital Ltd now owns 309,179 shares of the company’s stock worth $1,642,000 after acquiring an additional 145,000 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth $462,000. Jennison Associates LLC raised its position in Arcutis Biotherapeutics by 3.2% in the third quarter. Jennison Associates LLC now owns 4,432,175 shares of the company’s stock worth $23,535,000 after acquiring an additional 138,209 shares in the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in Arcutis Biotherapeutics in the third quarter valued at $394,000.

Insider Activity

In related news, insider Masaru Matsuda sold 3,760 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the sale, the insider now owns 190,424 shares of the company’s stock, valued at $2,117,514.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Mizuho reiterated a “buy” rating and issued a $16.00 price target (up previously from $8.00) on shares of Arcutis Biotherapeutics in a report on Friday, February 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 target price on shares of Arcutis Biotherapeutics in a report on Friday, April 12th. Finally, The Goldman Sachs Group lifted their price target on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average price target of $26.56.

Arcutis Biotherapeutics Stock Up 3.7 %

Shares of NASDAQ ARQT opened at $8.78 on Tuesday. The firm’s 50-day moving average is $10.15 and its two-hundred day moving average is $5.83. The company has a market capitalization of $849.99 million, a PE ratio of -2.24 and a beta of 1.14. Arcutis Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $15.21. The company has a debt-to-equity ratio of 2.28, a current ratio of 7.08 and a quick ratio of 6.80.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.08). The company had revenue of $13.53 million for the quarter, compared to analyst estimates of $11.78 million. Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. During the same quarter in the prior year, the firm earned ($1.18) earnings per share. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Arcutis Biotherapeutics Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.